Millennials (20 to 35-year-olds) are heading to apartments in droves, not only for the value they offer but also because the apartment lifestyle matches their personalities. This massive group of approximately 77 million consumers is important in part because of its incredible buying power. The only demographic group closest in size is the Baby Boomer population.
Many of these children of Baby Boomers grew up in single-parent households and, as such, had more responsibility than any generation before them. This led to not only a greater sense of value, but also a greater sense of their own self-worth and independence. Some millennials are still in college or have just graduated. They are not interested in buying a home; instead, they are seeking apartments that offer them the convenience, value, and lifestyle they want.
Because they are more value-conscious than other generations, they know that apartment living is the smartest choice for their pocketbooks. After watching the previous two generations suffer through the housing crash, they realize that apartments really do allow them to keep the most money in their pockets in the long run. They also know that the money they are saving on inflated mortgages, home repairs and upkeep, and travel expenses to and from school or work, is money they can save for a rainy day.
Apartment living also fits perfectly into Millennials’ desire for independence. They can choose from a myriad of activities that they prefer to take part in, whenever they want. Apartment amenities including pools, gyms, classes, and fun after-work events – offer them the opportunity to create the type of lifestyle they want for themselves and at an affordable price. Plus, they can take off on a trip whenever they want, and not worry about who is going to watch their house.
Many millennials are also interested in preserving the environment, staying fit, and eating healthy and natural foods. Therefore, they are choosing apartments with increased walkability near stores, restaurants, and organizations that support those lifestyles. Some feel right at home in urban apartments, where they can walk or bike to pick up their groceries or go to the local farmer’s market. Some choose apartments near lakes or beaches to fit their lifestyles, and still others find that suburban apartments allow them to lead the kind of healthy, outdoors lifestyle they prefer.
Millennial renters are very technology-savvy, and are looking for the latest and greatest gadgets, but gadgets that serve a purpose. They love living at apartment communities that send them text or email notifications about resident events or package deliveries, rather than the old-fashioned flyers on doors or phone calls. In addition, they are favoring high tech living spaces including those with better internet speeds, more cell bars, and even those with built in blue tooth speakers.
If you are a Millennial renter and are looking for the perfect apartment to fit your lifestyle, visit ApartmentSearch.com. We help you quickly narrow down your search for the perfect place to live by amenities, price, location, and other factors. Plus, when you tell your new apartment community that you found your apartment on ApartmentSearch.com, you can earn up to $200 in rewards. What a smart way to save money, right from the start!